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Mortgage Market Update
My Mortgage Company
Hayley Shams
Friday, November 6, 2026
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What your down payment actually means |
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Hi there. I get a lot of questions about down payments, and for good reason—they matter more than most people realize.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Loan Programs
What your down payment actually determines
Your down payment does more than just reduce what you borrow. It shapes which loan programs you qualify for, how your monthly payment breaks down, and sometimes whether you'll pay mortgage insurance. I find that a lot of borrowers don't realize they have more options than they think—and that understanding those options can change the whole math on affordability. Whether you're putting down a smaller amount or have substantial savings set aside, knowing how lenders view your situation helps you make a smarter choice. If you're curious about what your down payment means for your specific scenario, I'd be happy to walk through it. Let's talk about what makes sense for your situation.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Hayley Shams
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